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Late last month SEC Chairman Mary Schapiro said Lehman Brothers was still “under investigation and analysis” more than three years after its catastrophic bankruptcy, but an agency memo obtained by Bloomberg, titled “Activity in the Last Four Weeks,” provides a not-unexpected update. “The staff has concluded its investigation and determined that charges will likely not be recommended,” the document states, quite anti-climatically. Last year, the Journal reported that the government had hit “daunting hurdles” and “snags,” just “the latest sign of trouble for the SEC and other U.S. regulators trying to punish companies and executives at the center of the financial crisis.” That was forever ago anyway. We’re basically over it, right?
